Tuesday, October 17, 2017

KRUGMAN GOES INSANE: Links Racism and Goldbugs

Following the goofy comments by Marc Faber (SEE: Oh Boy, Forecaster Marc Faber: If the US " had been settled by black people instead of whites."; Sprott to Fire Him), the Keynesian Paul Krugman sent out this mad series of tweets:

For the record, I have always considered Faber as something of a lightweight. As Zero Hedge noted, he is always making some kind of doomsday forecast that never comes true. I don't even rank him as an Austrian-lite. He's a hustler, selling both snake oil and occasionally aspirin.

But if Krugman wants to look into despicable characters, then maybe he should look into his own Keynesian closet. Phil Magness writes:
In June 23, 1926, John Maynard Keynes delivered an unusual economics lecture at the University of Berlin. This event has gone almost completely unnoticed by Keynes’ principle biographers, despite what would seem to be a historically significant product. A few months after the event, Keynes heavily edited the Berlin lecture into his well known essay, “The End of Laissez-Faire.” The resulting pamphlet is arguably Keynes’ second most famous work, after the General Theory, as it articulates a formative step in his broader case for using the tools of the state to prescriptively intervene in certain matters of economic policy.

The historical neglect of Keynes’ Berlin lecture is unfortunate, as it obscures a troubling feature of his economic thought. More specifically, Keynes used the occasion to advance an economic argument for population eugenics. Population growth was one of the primary areas where Keynes believed that the principle of laissez-faire should be abandoned...

There is reason to believe that this overtly eugenicist nod from the essay comprised an even larger portion of his Berlin lecture. Several German-language newspapers covered the event. Their reporting focused heavily upon what was considered one of the primary takeaways of Keynes’ lecture. Its message was received as an attempt to modernize and operationalize Thomas Malthus’ famous theory of runaway population growth. To do so he espoused deploying unnamed tools of the state to “manage” the population of a given country, including with an eye toward maintaining what he saw as a desirable racial stock.

Krugman should thank the heavens that only confused economists and not social planners in general adopted Keynesian views because it does not appear that Krugman would have been around in a Keynes-style purified world. Keynes wrote:
  [Jews] have in them deep-rooted instincts that are antagonistic and therefore repulsive to the European, and their presence among us is a living example of the insurmountable difficulties that exist in merging race characteristics, in making cats love dogs …
It is not agreeable to see civilization so under the ugly thumbs of its impure Jews who have all the money and the power and brains.


  1. not clever enough to get Krugman's humour eh?

    1. Fallacies Of Composition are supposed to be humorous?

    2. Gee whiz, Peak, explain it for us. Duh...

  2. One of the perks of being part of ((the tribe))) is being able to scream racism/anti-semitism about anyone and anything, plus having a backup country to flee to once your communist policies have destroyed your host nation.

  3. It's more SOP than insanity. This is how left operates. They will find a person who believes in something they don't like, in this case gold, and then use something else that person believes or said or did to smear everyone (or many) who believes in what they don't like. This is intentional because establishing the link causes people to shy away. If they paint gold as racist then it is hoped more people will stay away from gold.

  4. Meanwhile, today, most people are enslaved to debt....so?

  5. The devil himself could be a "gold bug" and it wouldn't change the truth of the moral and economic superiority of market-based, voluntary money over monopoly-controlled fiat currency.

  6. Oligarchy is a form of slavery. If someone can tax what you own, they own you. America's government is a democratically-elected oligarchy. Hooray for US.

  7. Please note that the Libertarian Party clowns are so afraid of the SJWs that for 40 years they haven't been able to muster the courage to simply explain to religious conservatives that libertarianism allows private religious communities which can ban anyone for any reason, including folks who are not religiousy pious in the specifically required manner. Pointing out that "white nationalist" types could do the same would cause their heads to explode.

    Basically, "libertarians" have been misrepresenting the nature of libertarianism to avoid SJW attacks while millions of "religious conservatives" think libertarianism is "socially liberal" when it is "socially" whatever the rules of the particular community say.

    The claim that "gold bugs" have been historically "racist" or even "socially conservative" is absurd.

  8. Keynes was the director of the British Eugenics Society from 1937 to 1944. The British Eugenics Society now calls itself The Galton Institute for obvious reasons.

  9. He who can does. He who cannot teaches. I will take Marc Faber who spent a career doing things in the economy over the guy who has spent his life just teaching about the economy.